The gross interest rate is the amount of money you’ve earned as interest from your Tide Instant Saver account, without the impact of compounding or tax (compounding is where interest earned previously is included in future interest calculations).
We calculate the gross interest daily and pay it into your Tide Instant Saver account on a monthly basis, on the first day of the following month. This means that the interest calculated for the first day of the month is not included in the balance used for the interest calculation on the second day of the month and so on.
Once the interest has been paid into your Tide Instant Saver account, it’s included in future interest calculations (unless you withdraw it). This means that the interest for a Tide Instant Saver is calculated daily but compounds monthly.
To automate updates, sign in to HMRC Online and go to:
PAYE for employers > View tax codes or notices and set up alerts > Change how you get tax code or student loan notices > then enable all options.
The change will take effect immediately. Any paper notices received before the automation must be updated manually.
To ensure employees are taxed correctly, we’ll never change or reject HMRC’s tax codes.
If you still need to change a tax code manually, log in to Tide on the web and click on:
Admin > View Team > select an employee > Work & Pay > Tax > Update.
If you or your employee disagree with a tax code or need clarification, please contact HMRC directly.
See more about Tax Codes here.
How do I see HMRC notifications in Tide Payroll?
Click on: Admin > Payroll > Settings > See messages from HMRC, and you’ll see a list of notifications, sorted by pay run.
Normally, the HMRC sends tax notifications on the 10th of each month.
